Import Duty & Taxes

March 23, 2017

Import duty & taxes explained in a nutshell

In most countries, imports need to be declared, i.e. a description, quantity and value of the imported goods have to be provided to local customs authorities so that duties and taxes can be assessed. Import duty is a tax that the importer has to pay to bring foreign goods into his or her country. Import duty is also known as customs duty, tariff, or import tariff.